Obama Plans Boost For Low-Income Housing

By: Associated Press
By: Associated Press
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President Barack Obama is proposing a big spending increase for programs that provide housing to the poor and invest in neighborhoods with large concentrations of poverty.

Obama recommended an 18.5 percent increase in spending for the Housing and Urban Development Department, which would boost discretionary spending from $40.1 billion to $47.5 billion.

Obama wants to set up a $1 billion trust fund that will rehabilitate housing in the poorest of neighborhoods. He's also calling for more money for a voucher program that subsidizes rental payments. Also, the formula used to distribute block grants for community development would be changed so that more money flows to the most distressed communities.

Obama would eliminate two programs that would save $16 million.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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